reliable and affordable a must!

Something I can afford without selling the house I already have.

Again, the only reason I got the Option ARMs were for investment purposes; not trying to afford a house I really can't afford (like a lot of people do then get screwed later with higher payments).

Look at your cash flow and the up front costs of acquisition (closing costs, mortgage points, down payment...) and see if you can afford it.Why don't you move into it right away?

We have had some discussions on this forum regarding the topic, but the quick and short of it is this:- Negotiate a sales price, repayment term, interest rate, and down payment that will work for both of you- If seller needs cash immediately then they can sell your loan to a private investor- Make sure that your contract allows you to either assign the contract and/or lease the property to someone elseIf the seller is truly desperate then I would try to negotiate a loan like this:- Low monthly payment- No down payment / low down payment- Sales price that meets (or possibly exceeds) the asking price- Long term for loanThis lets you sell the idea that the owner is getting the sales price he wants while you are getting the loan payment that you can afford.

Personally, I can't afford even the down payment on any of these, but I'm starting to know a deal when I see one.

I wanted to do a 2-3 flat unit but I don't think I can afford that unless I live on the edge every month. so I decided maybe I should just stick with a Condo.

Therefore if one does have an opportunity to make a principal payment (consider the person that might receive a large commission/bonus payment) the following month, the payment will be based on the new (lower) balance.However, just as any tool can be used for the wrong application, so too have many people used this type loan for all the wrong reasons.The two most common being 1) purchasing a larger house than one can truely afford just because the Interest Only feature produces a lower initial monthly payment. 2) purchasing a property with appreciation being the only goal and only exit stratagy.In any event, it is my opinion that it is usually not the best product for the average person or average circumstances.

That's why I recommend a property management company if you keep enough properties to afford one.

When you sell you will pay it off.But if you mean you're not going to live in it for more than 10 years but will still own it as a rental property, then it depends on how much monthly payment you can afford and how soon you want to be out of debt.My $0.02.